NorthStar talks $740 million term loan at SOFR plus 475-500 bps

Chicago, April 25 – NorthStar Group Services, Inc. and Waste Control Specialists LLC released price talk on a $740 million six-year first-lien term loan (B2/B+) concurrently with a lender call on Thursday, according to a market source.

The loan is being talked at SOFR plus 475 basis points to 500 bps with a 0.5% floor. Talk covers a discount at 99.

Call protection would cover a 101 soft call for six months.

The facility also contains a total leverage covenant set at five-times free cash.

Commitments will be due by noon ET on May 7.

The waste management and environmental services company plans to use the proceeds to refinance its ABL revolver and its first-lien term loan.

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